Sanpada police booked five individuals for allegedly running a fraudulent gold investment and finance scheme that cheated investors of over Rs 13.19 lakh. An FIR has been registered under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Maharashtra Protection of Interest of Depositors (MPID) Act. 

False promise

The accused allegedly operated a financial scheme in which customers were encouraged to deposit gold ornaments and cash with promises of attractive returns and financial benefits. “The scheme was projected as a genuine gold finance and investment business, convincing several people to invest their savings and jewellery”, a police officer told mid-day.